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Old 06-08-2018, 10:47 AM
 
Location: Brawndo-Thirst-Mutilator-Nation
15,196 posts, read 15,225,705 times
Reputation: 10919

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It's is a seller's-market in many areas and a feeding frenzy for realtors......making that sale is the top priority for just about all sales-people.
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Old 06-08-2018, 12:55 PM
 
Location: Tyler, Texas
133 posts, read 50,449 times
Reputation: 801
I am so glad to see that you are realistic about your budget and not wanting to be house poor.

I had never had access to live in a very nice home back in 2007. A realtor showed me a house
that was the nicest home I had ever been approved to buy. It turned into a proverbial money
pit, and changed my life forever. The mortgage payment was a nightmare and the upkeep was
overwhelming. There is a saying around here, "The happiest day of your life is when you buy a
home with a swimming pool, and the second happiest day of your life is when you sell a home
with a swimming pool".

I sold that sucker before they moved in to foreclose. I received a check for three thousand
bucks when we closed. A couple weeks later, the title company called me in a panic. The
mortgage company RETURNED the full amount of the sale, and told the title company that
if they did not receive the three thousand dollars back from ME, ( they specifically stated that
I had to return it which was weird) that they would rescind the sale and all hell broke loose.
The title company paid the three thousand and the sale was saved, but I promised to pay the
title company back and I did. I looked at it like an interest free loan and was just glad to get
the hell out of my dream turned nightmare, too expensive for me to afford house.

I rented for a year and finally found my little affordable house. I used to think that my old
house was my dream house, actually this is my dream house because I am not overwhelmed
and scared every month when I pay my mortgage or if something needs to be repaired. Good
things do come in small packages. I pay half of what I used to for my payment and the terms
are better.
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Old 06-08-2018, 01:11 PM
 
Location: Wasilla, AK
5,886 posts, read 3,157,181 times
Reputation: 11874
Quote:
Originally Posted by ryanek9freak View Post
Well, the funny part is I know the city better than my agent does, he's a recent transplant, only been here a couple years. I'm not sure he would know whether or not a particular neighborhood is bad or not. For the record, as long as my kids aren't in district 2, I'd be ok.

I should reiterate, the loan isn't the problem. I'm approved for up to $350,000 if I wanted it. I just don't want it. Yes, I'm a cheap ass.
I've had that experience too. Lender says we qualify for way more than we're looking to borrow. Don't care, we don't need or want that expensive of a house. Then lender doesn't understand why we want a 15 year mortgage. Don't worry about it, just do a 15 year mortgage. Getting a 15 year mortgage put us in a position to where we were able sell 8.5 years later and pay cash for our retirement house. Never would have happened with a 30 year mortgage.
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Old 06-08-2018, 01:14 PM
 
Location: Central Texas
19,884 posts, read 36,406,318 times
Reputation: 21321
Quote:
Originally Posted by I love boots. View Post
Any agent that's doing this deserves to lose the client. You should never show people things they can't or won't buy because the cost is too high for any reason. Doing this just destroys their perspective when they then look at what they can afford. Or in this case the price range they want to stay in.

No, this is not at all a good first line of trying to communicate with them. However, sometimes that is what it takes for some buyers. Funny thing, people have this odd tendency not to fit into the little blocks of what "should" work on them.
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Old 06-08-2018, 01:18 PM
 
Location: Central Texas
19,884 posts, read 36,406,318 times
Reputation: 21321
Quote:
Originally Posted by tickyul View Post
It's is a seller's-market in many areas and a feeding frenzy for realtors......making that sale is the top priority for just about all sales-people.

You've just shown only what you yourself would do if you were a salesperson.



A good agent takes the long view. Make this client happy, and not only are they more likely to come back to you when they need real estate services again, they are more likely to recommend you to their friends and acquaintances who need such services. Make the client unhappy and they not only will not use you again, they will spread the word about what a terrible agent you are.



So strictly from a bottom line perspective, what you say "just about all sales people" would do is not the thing to do, even if you don't care about the clients. Since real estate agents tend to be, by nature, social and people loving, actually caring about their clients and often becoming friends with them is added to that bottom line motivation.
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Old 06-08-2018, 02:03 PM
 
96 posts, read 133,415 times
Reputation: 112
Quote:
Originally Posted by ryanek9freak View Post
I've had this exact conversation with my agent more times than I can count. Look, I know you guys are in business to make money, but I get really tired of being shown homes outside of what I know I can comfortably afford. I finally had to put my foot down the other day.

I WILL NOT buy a home with a mortgage payment that takes more than 25% of my take home pay (because that's what really matters, who gives a damn what net pay is, you never see that)

Yes, I COULD afford a $300,000 house, but it would leave me house poor, and not able to save any money.

So, given my parameters with my current income (25% max of take home pay, 15 year fixed rate, 20% down), that leaves me with homes costing $200,000 or less. I don't care if I have to settle on a smaller, less or uglier house, the main concern is that I have one, so we can stop wasting money on rent. It's just 4 walls and a roof to me and as long as it's sound and my kids are happy, then I'm happy.

Why are realtors and lenders so eager to push people into houses that they know damn well they'll end up upside down in or foreclosed on when one party inevitably loses a job or gets sick or whatever. Most people don't have the recommended 6 months of emergency fund (I do, but I know the averages).

This is part of what caused the market collapse the last time, have we learned nothing? Where are the ethics here?

https://www.thesimpledollar.com/why-...ou-can-afford/
Are the actually listings that fit your criteria FOR UNDER $200k ???

Seriously. There's quite a gap between "under $200K" and over $300K.

And in many markets, the inventory is super tight, pushing what used to be a $200K house into the $250K-$300K range.

Maybe there really isn't anything out there that fits YOUR CRITERIA for under $200K... ...thus the agents only showing you houses over $300K.

Whether it's $200K or $300K, agents only get paid if they CLOSE THE SALE. So if there's something out there that's slam dunk in your price range, I would think most agents would show you want you wanted in your price range. But then again, maybe that house just doesn't exist.
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Old 06-08-2018, 02:06 PM
 
Location: Research Triangle Area, NC
3,070 posts, read 2,081,101 times
Reputation: 4520
Quote:
Originally Posted by emm74 View Post
Do you even see the irony that you are complaining about your agent not showing you exactly what you said you wanted, yet now you've said that you found what you were looking for - in a house that does not fit the parameters you gave your agent since it's only one garage.

ETA: I just looked and it appears that this house isn't listed in MLS. So I'm not sure whether or not it's reasonable to expect an agent to be looking on Zillow for other listings. Perhaps the agents here can respond to that question?
Zillow is incredibly unreliable.

I sent my buyer's some listings that fit their criteria through MLS. They looked them up in zillow to see if the "Zestimates" matched the list prices.

Zillow had listed the HOA fees for one of their favorite homes at $150/month.....so they told me "never mind we don't want to see that one".

$150/month for an HOA in a single-family neighborhood with no pool is unheard of unless they are mowing your lawn (which they werent) so I re-checked MLS........ HOA fees at $165 for the year.

They agreed to stop referencing zillow. We just went to see that house and they loved it and I am writing up the offer now......
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Old 06-08-2018, 02:08 PM
 
96 posts, read 133,415 times
Reputation: 112
I'll add that it's an ongoing joke in most real estate offices... ...the clients who come along with a laundry list of criteria BUT WITH a super lowball price range.

What the client wants in their price range and what exists are two different things, especially in a market where the low end inventory is super tight and oftentimes nonexistent. AND YET those impossible to please clients keep calling as if real estate agents are going to magically create listings that don't even exist.
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Old 06-08-2018, 02:42 PM
 
7,677 posts, read 11,287,214 times
Reputation: 15262
Quote:
Originally Posted by ryanek9freak View Post
So, given my parameters with my current income (25% max of take home pay, 15 year fixed rate, 20% down), that leaves me with homes costing $200,000 or less. I don't care if I have to settle on a smaller, less or uglier house,

Quote:
...the main concern is that I have one, so we can stop wasting money on rent. It's just 4 walls and a roof to me and as long as it's sound and my kids are happy, then I'm happy.
Quote:
I don't particularly care if the house is need of quite a bit of work, so long as it doesn't require structural modifications to what I want, i.e, the room layout, etc.
Quote:
I know what I want is out there, but as I said, I'm a tad picky, I just need the right thing to come along. We have about 10 houses a day come onto the MLS here. I'm not a first time home buyer either.
That pretty much seems the opposite of picky (a tad or otherwise).
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Old 06-08-2018, 02:44 PM
 
Location: Columbia, SC
8,852 posts, read 17,450,334 times
Reputation: 6212
Quote:
Originally Posted by TexasHorseLady View Post
No, this is not at all a good first line of trying to communicate with them. However, sometimes that is what it takes for some buyers. Funny thing, people have this odd tendency not to fit into the little blocks of what "should" work on them.
Good point and as someone stated earlier, sometimes people have to make choices on whether they spend more to get what they want or if the settle for what they want spend. Not sure if this is the case with OP but all situations are unique.
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